Mont Albert, VIC
Commercial Carpark Property – High density future development site
The Loan is secured by a first registered mortgage over a commercial redevelopment site situated within the centre of the established growth suburb of Mont Albert, 14km east of the Melbourne CBD.
The site is zoned Commercial (C1Z) and comprises a 994m2 near-regular shaped bitumen sealed allotment, that is currently operated as a carpark.
The purpose of the Loan was to assist the Borrower with the acquisition of the Security Property.
The Security Property is well located at the fringe of the Box Hill Activity Centre, Precinct F, which encourages high density development. It benefits from a corner position along two major arterial roads, and is 800m west of the Box Hill Central Shopping Centre and transport interchange (train/bus/tram). The Box Hill Institute (TAFE) adjoins the subject to the north, while the Box Hill Hospital precinct is situated approximately 250m to the north.
The property is Permit Approved for the construction of a 16-level building to include 89 residential apartments, two (2) office suites, two (2) retail units, a lower ground level and four (4) basement car parking levels.
The Borrower Group are experienced property investors and developers based in Melbourne, who hold significant net assets and generate substantial income through their real estate holdings.
The Borrower group is well known to the Manager, and all previous facilities have been conducted in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 68%.
- The Target Return is 5.30% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
- The Manager has assessed the financial position of the Borrower and Guarantors and is satisfied that they are financially capable to service a loan of this nature.
- The Loan Term is 24 months, subject to early or late repayment, from 30 July 2021 to 29 July 2023.
Target Return5.3% net
Loan to Value Ratio68%
Minimum Initial Investment$10,000
Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.
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